Author: FX

Share: Gold price prints a fresh intraday low amid caution ahead of US Inflation data. A tight labor market and high inflation could force the Fed to lift interest rates further. Fed Williams seems confident that the central bank would consider a rate cut in early 2024. Gold price (XAU/USD) refreshes its intraday low around $1,930.00 as concerns over Thursday’s Consumer Price Index (CPI) data dampen its appeal. The precious metal comes under severe pressure amid strength in the US Dollar as investors hope that the United States inflation could turn out persistent due to sustained wage growth…

This forex pair just busted through a strong resistance zone! Can it go for a pullback when China’s inflation reports are printed? Market players seem to be pricing in downbeat CPI and PPI data, which might then ramp up the odds of more stimulus. GBP/NZD 1-hour Forex Chart by TV GBP/NZD appears to be finding resistance at the 2.1050 minor psychological mark near R2 (2.1030) and could go for a retracement to the Fibonacci levels. The 38.2% Fib is close to R1 (2.0980) and the 2.1000 major psychological handle, which could be enough to keep losses in check. A much…

Imports to China dropped by 12.4% y/y to $201.16 billion in July 2023, worse than market estimates of a 5.0% decline and after a 6.8% fall a month earlier, a fifth straight month of lower purchases and the steepest decrease since May 2020, due to deteriorating domestic demand. Exports from China slumped 14.5% y/y to a five-month low of $281.76 billion in July 2023, the steepest decline since February 2020, after a 12.4% drop in June, and worse than forecasts of a 12.5% fall, amid slowing global demand.Meanwhile, the politically sensitive trade surplus with the US widened to $30.3 billion…

Bitcoin is consolidating at a key inflection point! Will BTC/USD extend its gains? Or will we see more losses for the king of crypto? Bitcoin (BTC/USD) Daily Chart by TV After getting rejected from the $31,500 area a few weeks ago, BTC/USD is now trading just under the big $30,000 mark. Is the crypto headed for more losses? Probably not until it breaks a few key support zones! For one thing, BTC/USD is chillin’ at the 38.2% Fibonacci level of June’s upswing. Not only that, but the pair is also trading just above the 100 SMA on the daily time…

Euro, EUR/USD, US Dollar, Fed, USD/JPY, Hang Seng, China, Fibonacci – Talking PointsEuro support wilted after US Dollar resumed strengthening todayThe Fed reminded markets of their intention and Treasury yields respondedIf EUR/USD breaks above near-term resistance, will it make a new high? Recommended by Daniel McCarthy How to Trade EUR/USD n The Euro slid lower into Tuesday with the US Dollar climbing across most currency pairs after Treasuries added a few basis points across the curve in the North American session overnight.Some relatively hawkish comments from a couple of Fed speakers lifted yields. Federal Reserve Bank of New York President…

Business confidence 2 versus -1 last month (revised from 0)Business conditions 10 versus 11 last month (revised from 9)Better data from NAB.The AUDUSD has been breaking to the downside with the overall USD buying. The price of the AUDUSD has moved below its 100-hour moving average of 0.6564, and also below a swing area between 0.6555 and 0.6566 (see chart below). Staying below is the risk now. AUDUSD falls below 100 hour MA Source link

Waldemarus Qiagen (NYSE:QGEN) said that it has received FDA approval for its therascreen PDGFRA kit, a companion diagnostic for the gastrointestinal cancer drug Ayvakit. The diagnostic is used to help identify patients with gastrointestinal stromal tumors, or GIST, who may be eligible for treatment with Ayvakit, also known as avapritinib. The companion diagnostic was co-developed with Blueprint Medicines. Therascreen PDGFRA is Qiagen’s 12th companion diagnostic to receive FDA approval, according to the company. The Dutch medtech company is expected to release its quarterly earnings report on Tuesday. More on Qiagen: Qiagen Q2 2023 Earnings Preview Qiagen: Major Asset Growth Needed…

Decentralized finance (DeFi) app Steadefi was exploited for at least $334,000 on Aug. 7 in an ongoing attack. The app’s development team has said in a social media post that the attack currently “puts all funds at risk.” The app’s total value locked (TVL) has plummeted as a result of the attack, according to data from DeFiLama.Steadefi total value locked. Source: DeFi Llama.The Steadefi team posted a message to Twitter stating: “NOTICE: Steadefi has been exploited and all funds are currently at risk.” They also confirmed that an on-chain message has been sent to address 0x9cf71F2ff126B9743319B60d2D873F0E508810dc on in an attempt…

I’m struggling to see a way forward for the German economy.Today’s data showed German industrial production falling 1.5% in June. That was worse than the 0.5% decline expected and continues a series of soft readings for factories. Production is now down 1.8% year-over-year and that may just be the start. German electricity use has fallen more than almost anyone thought possible. Some of that comes down to conservation but a great deal is due to the closure — likely permanently — of energy intensive industry.The country is already in a recession and there’s no clear way out. Instead, there are…

The markets are expecting a further slowdown in China’s consumer AND producer prices growth in July! Will it lead to concerns over the economy’s growth? Or will weaker price pressures inspire speculation of more concrete government stimulus, potentially supporting asset prices ahead? Event in Focus: China Consumer Price Index (CPI) and Producer Price Index (PPI) for July 2023 When Will it Be Released: August 9, 2023 (Wednesday), 1:30 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: Headline CPI m/m: +0.2% forecast vs. -0.2% previous Headline CPI y/y:  -0.5% forecast vs. 0.0%…